https://www.taxtmi.com/caselaws?id=174886 The Tribunal partially allowed the appeals by deleting the penalty under section 271(1)(c) on the gifts received by the assessee. The Tribunal found that the assessee had complied with the conditions of Explanation 5 by admitting the non-genuine nature of the gifts, filing revised returns, and paying the taxes. However, the penalty on the commission paid for arranging the gifts was confirmed as Explanation 5 did not cover such expenses. en-us Thu, 13 Dec 2007 00:00:00 +0530 Tue, 27 Oct 2015 13:25:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174886 The Tribunal partially allowed the appeals by deleting the penalty under section 271(1)(c) on the gifts received by the assessee. The Tribunal found that the assessee had complied with the conditions of Explanation 5 by admitting the non-genuine nature of the gifts, filing revised returns, and paying the taxes. However, the penalty on the commission paid for arranging the gifts was confirmed as Explanation 5 did not cover such expenses. Case-Laws Income Tax Thu, 13 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174886